186 Clinton Ave

Montrose Morris Designed Clinton Avenue 6700SF Mansion Asking Price: $3,199,000Lavish Architectural Design & Details 186 Clinton is a Dream project for an Investor who wants a high rent roll or a homeowner who wants to live in a historically important building with lavish architectural details. Built in 1861 by Brooklyn's most famous architect Montrose Morris, the building is one of the largest mansions in Fort Greene: the lot is extra huge measuring 28 x140 and the building is 25x75. It has 9 rental units and it is about 60 percent vacant. The majority of the vacancies are on the most prime floors: the first and second floor. There are tons of original details throughout.For the investor, the good news is that those vacant units can be renovated and re-rented for high market rents as they are free market. Plus, the units are quite large with eat-in-kitchens which can be easily converted to another bedroom, dramatically increasing the potential rent. Consequently, the vacant units,once renovated , would incrementally increase the existing rent roll by$19,000 a month, increasing the total to about $75,000 a month or $283,000 annually, which is almost 6x the existing rent roll.For the buyer who wants to live in 186, it's a great arrangement as well where for the price of a brownstone you can have 3500sf to live in plus receive $56,000 in income from the existing tenants. You can build your dream 4 bedroom duplex from the 2800sf on the most prime floors, the garden level and the parlor. Then, if you need more space, there is the 4th floor vacancy which could be used as a nannys apartment or office. And,if you don't need that extra space, then convert it to a 2 bedroom and rent it for an additional income of $54,000 annually which means your rental income would total $110,000.Another key element is the building although famous historically for its well known architect, it is not landmarked. This makes for a quicker construction schedule than most other Fort Greene/ Clinton Hill landmarked buildings.The 5 rent stabilized apartments are on the upper floors and generate 56,000 annually in rent. The building has been maintained and all the mechanicals are in good condition.